1. Jordon James started JJJ Consulting on January 1. The following are the account balances at the end of the first month of business, before

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1. Jordon James started JJJ Consulting on January 1. The following are the account balances at the end of the first month of business, before adjusting entries were recorded.
Accounts Payable................................$300
Accounts Receivable..............................750
Cash................................................6,300
Consulting Revenue.............................4,925
Equipment.........................................7,000
Jordon James Capital.............................15,000
Jordon James, Drawing...........................1,375
Prepaid Rent........................................4,000
Supplies...............................................800
Adjustment data:
Supplies on hand at the end of the month:$200
Unbilled consulting revenue, $700
Rent expense for the month $1,000
Depreciation on equipment $90
a. Prepare the required adjusting entries adding accounts as needed (10 points)
b. Prepare an adjusted trial balance for JJJ consulting as of January 31. (10 points)
2. After all adjustments have been made, but before the accounts have been closed, the following balances were taken from the ledger of Ramona's Designs:

Journalize the entries to close the appropriate accounts. (12 points)

$ 32,700 41,390 Rent Expense $ 27,600 64,500 73,325 Salary Expense Salaries Payable Accounts Receivable Accumulated Depreciation 8,150 186,000 Service Revenue 17,150 13,500 Cash Depreciation Expense Equipment 2,500 Supplies Expense Ramona Cross, Capital Ramona Cross, Drawing 165,000 2,510 6,275 99,950 48,000 Insurance Expense Prepaid Insurance